KWSG targets N2b micro-credit loan from CBN

Date: 2014-08-28

The Kwara State Government is sets to access N2 billion from the Central Bank of Nigeria (CBN) N220billion micro-credit funds to fund small and medium-scale enterprises (SMEs), according to Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams.

 Speaking on Wednesday in Ilorin, at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA), Adams said the state governor had signed a Memorandum of Understanding with the CBN on the scheme, saying that the credit facility would aid growth of the SMEs sector and boost state’s economy.

He said that the loan guaranteed by Irrevocable Special Payment Order (ISPO) would be managed by a special purpose vehicle (SPV) to be established by the state government to guard against mismanagement.   

On the importance of the private sector, he said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.

He said that "when there is a preponderance of the private sector in any economy there can't be chaos but when it is preponderance of the public sector there will be chaos.”

Adams who commended the KWACOBPA on the steps it is taking on demand for earmarking, by law, one per cent of the state budget as micro-credit fund for the SMEs assured that the government would not be indifferent to the demand.   

Earlier, chairman of the KWACOBPA, Hezekiah Adediji said the association is presenting to the state House Assembly a bill on the earmarking of one per cent of the budget for the SMEs to ensure that the scheme as a legislative backing that will make a permanent feature of the state administration regardless of the party in power.

Chief Adediji added that the scheme would increase business activities which will in turn translate into more employment, reduction of crime rate and increased revenue for development of the state.

 


Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Rihanat Ajia     Aliyu Kora-Sabi     Saka Onimago     Share     University Road     Kehinde Baale     Kwara State Football Association     Isiaq Khadeejah     Diagnostic Centre     Toyin Sanusi     Ibrahim Abiodun     Dorcas Afeniforo     Rafiu Ibrahim     Oba Abdulraheem     Mumeen Lah     Salihu Ajia     JAMB     Shagari     Hameed Oladipupo Ali     Coronavirus     Arca Santa     Unilorin FM     Kwara State Fire Service     Quarry Royal Valley     Yaru     Amasa     Abdulrazaq Solihudeen     Yakubu Dogara     Olusola Saraki     Adamu B. Yaqubu     Abubakar Suleiman     07039448763     Ilorin South Constituency     Mohammed Abdulahi     Yahaya Dumoye     Omupo     Ayedun     Convocation Ceremonies     Muhammad Mustapha Suleiman     Prince Mahe Abdulkadir     Femi Ogunsola     Oko Erin     Ishaq Abdulkarim     Elewu     Samari     Ballah     Ubandawaki     KW-GIS     Buari Edun     Najim Yaasin     Abdulrahman Abdullahi Kayode     Mohammed Kamaludeen     Abdulazeez Arowona     Afonja     Umar Danladi Shero     Muritala Awodun     Ganmo Power Sub-Station     Afeyin-Olukuta     Ayobami Akanbi     Kolade Solagberu     Orisun Igbomina     AGILE Programme     Abdulfatai Ahmed     Idris Amosa Saidu     Kale Bayero     Hassan A. Saliu     SSA Youth Engagement     Mopelola Abdulmaliq-Bashir     College Of Arabic And Islamic Legal Studies     Alaaya     Agboola Babatunde     N-Power     Oyelere Oyinloye     Isiaka AbdulRazaq     Christopher Ayeni     Bisi Kristien     Ajibola Ademola Julius    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Nigeria Customs Service     Temi Kolawole     Aishatu Ahmed Gobir     Tunde Akanbi     Abdulfatai Salman Baakini     Ayinde Oyepitan     Sarafadeen Kayode Akorede     Mohammed Jimoh Faworaja     Government Girls’ Day Secondary School Pakata     Lasiele Alabi Yahaya     Ibrahim Jawondo     Alliance For Democracy     Lola Ashiru     Raymond Olaitan     Public Holiday     Bank Of Industry     Dasuki Belgore     Olawuyi     Abdulkadir Jimoh     Asiwaju Bola Tinubu     Raimi Iyanda     Stephen Fasakin     Abubakar Suleiman     Facebook     Saliu Ajia     Adamu Jemilat-Baki     Abdulrahman Abdulrasak     Agboola Babatunde     Ifelodun     Hamza Usman     Tayo Awodiji     Ibrahim Mashood     Kwara Hotel     Code Of Conduct Bureau     Saba Mamman Daniel     T And K FOODS     Dele Belgore     Olayinka Are     Saadatu Modibbo-Kawu     Abdulraheem Olesin     Kale Bayero     Ganmo     Dagbalodo     Jebba     March 28     Isaac Gbenle     Yusuf A. Usman     Adamu Ibrahim Sabi     Joana Nnazua Kolo     Abraham Ojo     Lanwa     Abdulrazaq Aiyelabegan     Eruku     Ishola Balogun Fulani     Ibrahim Abduquadri Abikan     NFAI     Ibrahim Taiwo     Mohammed Ibrahim     Gbugbu International Market     Isiaka Rafiu Mope     Olayinka Oladapo Jogunola     Bola Tinubu     KWASSIP     Bayer Nigeria Limited     Emir Of Yashikira     Umar Gunu     Special Adviser On Digital Innovation     Gani Saadu     Egbejila     Iyeru Grammar School     Raji Ayodele Kamaldeen     Esinniobiwa Quareeb     Jamiu Oyawoye     Sidikat Akaje     Muhammadu Gobir     Owu Fall     All Peoples Party